1. Field of the Invention
This invention relates to the gaming industry and, more particularly, to a method of wagering using real time horse/dog races, jai alai games, or similar games or races that allow for pari-mutuel wagering on multiple players or runners or the like. The invention is also directed to a wagering system of the type through which the inventive wagering method can be practiced.
2. Background of the Invention
The success of the slot machine has had a devastating effect on the live horse and dog racing industry. Slot machines appeal to a much larger audience of bettors because they appeal to all levels of gambling expertise. Beginning bettors at slot machines not only do not need to know the mechanics of a particular game in order to be successful at wagering, but also do not need to study probabilities in order to make a calculated wager. In order to be successful at gambling with slot machines, individuals need only operate a switch through a button or lever, with the results being entirely random and beyond the operator's control. Success at a track, on the other hand, generally requires extensive study of both race forms and race results as well as an intimate understanding of handicapping. The random selection in slot machine gambling obviates the need for understanding handicapping or probabilities. Therefore, in slot machine gambling there is no concept of making a “mistake.” Due to the complete randomness of the results in slot machines, the bettor simply makes a wager and hopes for the best. In addition to the complexity in horse and dog race gambling, there is also the public perception that many track races are “fixed.” Still further, many race tracks have undesirable, antiquated facilities, causing people interested in live races to instead frequent off-track facilities.
In order to reverse the downward trend at race tracks, it would be desirable to enable gamblers to place wagers on live horse and dog races and jai alai games, or similar games or races with the ease and convenience of slot machine gambling. While the areas of pari-mutuel wagering and slot machines have been issued several patents, the combination of pari mutual wagering in real time and slot machines does not have any precedent. For example, U.S. Pat. No. 5,888,136 applies to a method and system of wagering that relies in part on the outcome of a previously run race or game. It is therefore not applicable to a method of wagering on live horse and dog races and jai alai games, or similar games or races in real time.